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Wearable Payment Device Trends and Forecast
The future of the global wearable payment device market looks promising with opportunities in the retail & grocery store, entertainment center, restaurant & bar, and hospital & pharmacy markets. The global wearable payment device market is expected to reach an estimated $94.2 billion by 2030 with a CAGR of 11.3% from 2024 to 2030. The major drivers for this market are rising popularity of contactless payments, increasing adoption of wearable technology, and government initiatives to promote digital payments.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Wearable Payment Device by Segment
The study includes a forecast for the global wearable payment device by device type, technology, application, and region.
Wearable Payment Device Market by Device Type [Shipment Analysis by Value from 2018 to 2030]:
• Fitness Trackers
• Smart Watches
• Payment Wristbands
• Smart Rings
Wearable Payment Device Market by Technology [Shipment Analysis by Value from 2018 to 2030]:
• Near-Field Communication Technology
• Radio Frequency Identification
• QR & Barcode
Wearable Payment Device Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Retail & Grocery Stores
• Entertainment Centers
• Restaurants & Bars
• Hospitals & Pharmacies
• Others
Wearable Payment Device Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Wearable Payment Device Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies wearable payment device companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the wearable payment device companies profiled in this report include-
• Visa
• Barclays
• Fitbit
• Samsung Electronics
• Garmin
• Apple
• Mastercard
• Google
• Paypal Holdings
• Tappy Technology
Wearable Payment Device Market Insights
Lucintel forecasts that near-field communication will remain the largest segment over the forecast period due to increasing use of NFC based smartphones and other mobile devices, and it is becoming increasingly popular in wearable payment devices.
Within this market, retail & grocery stores is expected to remain the largest segment due to significantly growing retail business and increasing volume of transactions, making them ideal environments for wearable payment devices.
North America will remain the largest region during the forecast period due to high adoption of wearable payment devices, including smartwatches and fitness trackers with payment capabilities.
Features of the Global Wearable Payment Device Market
Market Size Estimates: Wearable payment device market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Wearable payment device market size by device type, technology, application, and region in terms of value ($B).
Regional Analysis: Wearable payment device market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different device types, technologies, applications, and regions for the wearable payment device market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the wearable payment device market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q.1 What is the wearable payment device market size?
Answer: The global wearable payment device market is expected to reach an estimated $94.2 billion by 2030.
Q.2 What is the growth forecast for wearable payment device market?
Answer: The global wearable payment device market is expected to grow with a CAGR of 11.3% from 2024 to 2030.
Q.3 What are the major drivers influencing the growth of the wearable payment device market?
Answer: The major drivers for this market are rising popularity of contactless payments, increasing adoption of wearable technology and government initiatives to promote digital payments.
Q4. What are the major segments for wearable payment device market?
Answer: The future of the wearable payment device market looks promising with opportunities in the retail & grocery store, entertainment center, restaurant & bar, and hospital & pharmacy markets.
Q5. Who are the key wearable payment device market companies?
Answer: Some of the key wearable payment device companies are as follows:
• Visa
• Barclays
• Fitbit
• Samsung Electronics
• Garmin
• Apple
• Mastercard
• Google
• Paypal Holdings
• Tappy Technology
Q6. Which wearable payment device market segment will be the largest in future?
Answer: Lucintel forecasts that near-field communication will remain the largest segment over the forecast period due to increasing use of NFC based smartphones and other mobile devices, and it is becoming increasingly popular in wearable payment devices.
Q7. In wearable payment device market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region during the forecast period due to high adoption of wearable payment devices, including smartwatches and fitness trackers with payment capabilities.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the wearable payment device market by device type (fitness trackers, smart watches, payment wristbands, and smart rings), technology (near-field communication technology, radio frequency identification, and QR & barcode), application (retail & grocery stores, entertainment centers, restaurants & bars, hospitals & pharmacies, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Wearable Payment Device Market, Wearable Payment Device Market Size, Wearable Payment Device Market Growth, Wearable Payment Device Market Analysis, Wearable Payment Device Market Report, Wearable Payment Device Market Share, Wearable Payment Device Market Trends, Wearable Payment Device Market Forecast, Wearable Payment Device Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Wearable Payment Device Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Wearable Payment Device Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Wearable Payment Device Market by Device Type
3.3.1: Fitness Trackers
3.3.2: Smart Watches
3.3.3: Payment Wristbands
3.3.4: Smart Rings
3.4: Global Wearable Payment Device Market by Technology
3.4.1: Near-field Communication Technology
3.4.2: Radio Frequency Identification
3.4.3: QR and Barcode
3.5: Global Wearable Payment Device Market by Application
3.5.1: Retail & Grocery Stores
3.5.2: Entertainment Centers
3.5.3: Restaurants & Bars
3.5.4: Hospitals & Pharmacies
3.5.5: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Wearable Payment Device Market by Region
4.2: North American Wearable Payment Device Market
4.2.2: North American Wearable Payment Device Market by Application: Retail & Grocery Stores, Entertainment Centers, Restaurants & Bars, Hospitals & Pharmacies, and Others
4.3: European Wearable Payment Device Market
4.3.1: European Wearable Payment Device Market by Technology: Near-field Communication Technology, Radio Frequency Identification, and QR and Barcode
4.3.2: European Wearable Payment Device Market by Application: Retail & Grocery Stores, Entertainment Centers, Restaurants & Bars, Hospitals & Pharmacies, and Others
4.4: APAC Wearable Payment Device Market
4.4.1: APAC Wearable Payment Device Market by Technology: Near-field Communication Technology, Radio Frequency Identification, and QR and Barcode
4.4.2: APAC Wearable Payment Device Market by Application: Retail & Grocery Stores, Entertainment Centers, Restaurants & Bars, Hospitals & Pharmacies, and Others
4.5: ROW Wearable Payment Device Market
4.5.1: ROW Wearable Payment Device Market by Technology: Near-field Communication Technology, Radio Frequency Identification, and QR and Barcode
4.5.2: ROW Wearable Payment Device Market by Application: Retail & Grocery Stores, Entertainment Centers, Restaurants & Bars, Hospitals & Pharmacies, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Wearable Payment Device Market by Device Type
6.1.2: Growth Opportunities for the Global Wearable Payment Device Market by Technology
6.1.3: Growth Opportunities for the Global Wearable Payment Device Market by Application
6.1.4: Growth Opportunities for the Global Wearable Payment Device Market by Region
6.2: Emerging Trends in the Global Wearable Payment Device Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Wearable Payment Device Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Wearable Payment Device Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Visa
7.2: Barclays
7.3: Fitbit
7.4: Samsung Electronics
7.5: Garmin
7.6: Apple
7.7: Mastercard
7.8: Google
7.9: PayPal Holdings
7.10: Tappy Technology
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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